Cerba Path
ActiveFinancials · financial year 2024, full format, 2025 accounts filed
Annual accounts 2025 filed on 30-07-2026 at the NBB all 21 filings
The accounts were filed as a scan.
Turnover
≈ €1.8m
Estimated: probably between €1.7m and €2.8m
EBIT margin
Not included in this filing
Net result
-€207,194
2023 · €181,676
Working capital
€1.5m▲ 13.3%
2023 · €1.3m
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
-€162,240
2024
20182024
Net result
-€207,194
2024
lowest quarter of the sector
20182024
Equity
€4.1m
▼ 4.8%
2024
highest quarter of the sector
20182024
Total assets
€5.6m
▼ 6.7%
2024
highest quarter of the sector
20182024
Debt
€1.5m
▼ 11.7%
2024
20182024
Working capital
€1.5m
▲ 13.3%
2024
highest quarter of the sector
20182024
Solvency
73.5%
▲ 1.5pp
2024
middle half of the sector
20182024
Current ratio
2.11
▲ 0.24
2024
middle half of the sector
20182024
Return on assets (ROA)
-3.7%
▼ 6.7pp
2024
lowest quarter of the sector
20182024
Staff (FTE)
26.9
▼ 2.9%
2024
highest quarter of the sector
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result€0.3m--€0.04m€0.1m€0.6m▲ 566%€0.03m▼ 94.9%€0.4m▲ 11×-€0.2m
Net result€0.1m--€0.07m-€0.05mbelow the sector's middle half▲ 28.1%€0.4mabove the sector's middle half-€0.04mbelow the sector's middle half€0.2mabove the sector's middle half-€0.2mbelow the sector's middle half
Equity€4.4m-€4.3m▼ 1.6%€4.3mabove the sector's middle half▼ 1.1%€4.7mabove the sector's middle half▲ 9.4%€4.1mabove the sector's middle half▼ 11.6%€4.3mabove the sector's middle half▲ 4.4%€4.1mabove the sector's middle half▼ 4.8%
Total assets€5.5m-€6.2m▲ 12.3%€5.6mabove the sector's middle half▼ 9.3%€5.7mabove the sector's middle half▲ 2.4%€6.2mabove the sector's middle half▲ 8.5%€6.0mabove the sector's middle half▼ 3.6%€5.6mabove the sector's middle half▼ 6.7%
Debt€1.1m-€1.9m▲ 67.1%€1.3m▼ 28.3%€1.1m▼ 20.2%€2.1m▲ 97.1%€1.7m▼ 19.5%€1.5m▼ 11.7%
Working capital€0.5m-€0.7m▲ 40.7%€0.8mabove the sector's middle half▲ 8.1%€1.4mabove the sector's middle half▲ 79.2%€1.0mabove the sector's middle half▼ 30.7%€1.3mabove the sector's middle half▲ 33.0%€1.5mabove the sector's middle half▲ 13.3%
Solvency79.9%-70.0%▼ 9.8pp76.3%above the sector's middle half▲ 6.3pp81.6%above the sector's middle half▲ 5.2pp66.5%within the sector's middle half▼ 15.1pp72.0%within the sector's middle half▲ 5.5pp73.5%within the sector's middle half▲ 1.5pp
Current ratio1.50-1.40▼ 0.091.61within the sector's middle half▲ 0.202.36within the sector's middle half▲ 0.761.50within the sector's middle half▼ 0.861.87within the sector's middle half▲ 0.372.11within the sector's middle half▲ 0.24
Return on assets (ROA)2.5%--1.1%▼ 3.6pp-0.9%below the sector's middle half▲ 0.2pp7.0%within the sector's middle half▲ 7.9pp-0.7%below the sector's middle half▼ 7.7pp3.0%within the sector's middle half▲ 3.7pp-3.7%below the sector's middle half▼ 6.7pp
Staff (FTE)1.4-29.8▲ 21×24.7above the sector's middle half▼ 17.1%24.2above the sector's middle half▼ 2.0%25.8above the sector's middle half▲ 6.6%27.7above the sector's middle half▲ 7.4%26.9above the sector's middle half▼ 2.9%
above
within
below
The sector band is the middle half of the companies in Human health activities (NACE 86). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2024 is a loss of €162,240, after a profit of €354,707 in 2023. It is the lowest result since 2020.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €5.6m
Fixed assets
€2.7m ▼ 13.2%
Current assets
€2.9m ▲ 0.3%
Equity and liabilities €5.6m
Equity
€4.1m ▼ 4.8%
Debt
€1.5m ▼ 11.7%
Debt's share of the balance-sheet total falls from 28.0% to 26.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€318,115▼
2023 · €786,511
Cash flow
€273,161▼
2023 · €613,480
Quick ratio
2.02▲
2023 · 1.80
Debt to equity
0.36▼
2023 · 0.39
ROE
-5.0%▼
2023 · 4.2%
Interest coverage
4.63▼
2023 · over 100
Debt ≤ 1 year
€1.4m▼
2023 · €1.5m
Income taxes
€26,764▼
2023 · €169,884
Staff costs
€1.8m▼
2023 · €1.8m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 26 | 30 | 29 | 27 |
| full-time | 20 | 25 | 24 | 23 |
| part-time | 6 | 5 | 5 | 4 |
| in full-time equivalents | 24.5 | 29 | 27.8 | 26 |
| Average over the year, in full-time equivalents | 24.2 | 25.8 | 27.7 | 26.9 |
| On a permanent contract | 25 | 28 | 28 | 26 |
| Joined | 5 | 10 | 6 | 6 |
| Left | 6 | 6 | 7 | 8 |
| Training hours | 423 | 391 | 116 | 48 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €73,759 | €166,972 | €112,540 | €1,779 |
| Intangible fixed assets | €1,451 | €166,310 | €239,778 | €64,226 |
| Depreciation and write-downs of the year | €309,523 | €339,996 | €431,804 | €480,355 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €331 | €0.001m | - | - |
| Remuneration, social security and pensions62 | - | - | - | €1.4m | €1.6m | €1.8m | €1.8m | ▼ 2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.4m | €0.3m | €0.3m | €0.3m | €0.4m | €0.5m | ▲ 11.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €200 | €0.001m | €0.001m | €0.01m | ▲ 789% |
| Other operating charges640/8 | - | - | - | €0.004m | €0.006m | €0.009m | €0.001m | ▼ 88.9% |
| Non-recurring operating charges66A | - | - | - | - | €0.002m | - | - | - |
| Gross operating margin9900 | €1.0m | €2.0m | €1.9m | €2.4m | €1.9m | €2.6m | €2.1m | ▼ 19.6% |
| Operating profit (loss)9901 | €0.3m | -€0.04m | €0.1m | €0.6m | €0.03m | €0.4m | -€0.2m | - |
| Financial income75/76B | - | - | - | €0.001m | €0.001m | €0.001m | €0.05m | ▲ 66× |
| Recurring financial income75 | €0.007m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.05m | ▲ 66× |
| Financial charges65/66B | - | - | - | €0.002m | €0.002m | €0.004m | €0.07m | ▲ 18× |
| Recurring financial charges65 | €0.04m | €0.003m | €0.001m | €0.002m | €0.002m | €0.004m | €0.07m | ▲ 18× |
| Profit (loss) for the period before taxes9903 | €0.2m | -€0.05m | €0.09m | €0.6m | €0.03m | €0.4m | -€0.2m | - |
| Income taxes67/77 | €0.1m | €0.02m | €0.1m | €0.2m | €0.07m | €0.2m | €0.03m | ▼ 84.2% |
| Profit (loss) for the period9904 | €0.1m | -€0.07m | -€0.05m | €0.4m | -€0.04m | €0.2m | -€0.2m | - |
| Profit (loss) for the period to be appropriated9905 | €0.1m | -€0.07m | -€0.05m | €0.4m | -€0.04m | €0.2m | -€0.2m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €5.5m | €6.2m | €5.6m | €5.7m | €6.2m | €6.0m | €5.6m | ▼ 6.7% |
| Fixed assets21/28 | €3.9m | €3.6m | €3.5m | €3.2m | €3.2m | €3.2m | €2.7m | ▼ 13.2% |
| Intangible fixed assets21 | €3.7m | €3.4m | €3.2m | €3.0m | €2.9m | €2.8m | €2.5m | ▼ 11.0% |
| Tangible fixed assets22/27 | €0.2m | €0.1m | €0.3m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 32.2% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 38.7% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.03m | €0.02m | €0.02m | ▼ 16.0% |
| Other tangible fixed assets26 | - | - | - | €0.05m | €0.05m | €0.06m | €0.05m | ▼ 10.5% |
| Financial fixed assets28 | - | €1 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Current assets29/58 | €1.6m | €2.6m | €2.1m | €2.5m | €3.0m | €2.9m | €2.9m | ▲ 0.3% |
| Stocks and contracts in progress3 | €0.05m | €0.09m | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 7.3% |
| Stocks30/36 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 7.3% |
| Amounts receivable within one year40/41 | €1.3m | €2.1m | €1.1m | €1.1m | €1.5m | €2.6m | €2.6m | ▼ 0.1% |
| Trade receivables40 | - | - | - | €1.0m | €1.4m | €2.0m | €2.6m | ▲ 26.3% |
| Other amounts receivable41 | - | - | - | €0.08m | €0.1m | €0.6m | €0.08m | ▼ 87.6% |
| Cash at bank and in hand54/58 | €0.2m | €0.4m | €0.9m | €1.3m | €1.3m | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €0.04m | €0.03m | €0.1m | €0.1m | ▲ 4.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €5.5m | €6.2m | €5.6m | €5.7m | €6.2m | €6.0m | €5.6m | ▼ 6.7% |
| Equity10/15 | €4.4m | €4.3m | €4.3m | €4.7m | €4.1m | €4.3m | €4.1m | ▼ 4.8% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €3.8m | €3.8m | €3.8m | €3.8m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Contributions outside capital11 | - | - | - | €3.7m | €3.7m | €3.7m | €3.7m | = |
| Share premium1100/10 | - | - | - | €3.7m | €3.7m | €3.7m | €3.7m | = |
| Reserves13 | €0.009m | €0.009m | €0.009m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | €0.5m | €0.5m | €0.4m | €0.8m | €0.3m | €0.5m | €0.3m | ▼ 44.6% |
| Amounts payable17/49 | €1.1m | €1.9m | €1.3m | €1.1m | €2.1m | €1.7m | €1.5m | ▼ 11.7% |
| Amounts payable after more than one year17 | €0.04m | €0.006m | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €1.1m | €1.8m | €1.3m | €1.1m | €2.0m | €1.5m | €1.4m | ▼ 11.0% |
| Trade debts44 | €0.7m | €1.4m | €0.9m | €0.7m | €1.2m | €1.0m | €0.8m | ▼ 17.5% |
| Suppliers440/4 | - | - | - | €0.7m | €1.2m | €1.0m | €0.8m | ▼ 17.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.3m | €0.4m | €0.3m | ▼ 30.0% |
| Taxes450/3 | - | - | - | €0.1m | €0.1m | €0.2m | €0.09m | ▼ 57.2% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 5.5% |
| Other amounts payable47/48 | - | - | - | - | €0.5m | €0.09m | €0.2m | ▲ 162% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.09m | €0.2m | €0.1m | ▼ 19.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €139,483 | -€68,557 | -€49,313 | €404,021 | -€41,429 | €181,676 | -€207,194 | - |
| + Depreciation and write-downs630 | €102,956 | €351,945 | €303,159 | €309,523 | €339,996 | €431,804 | €480,355 | ▲ 11.2% |
| Operating cash flow (approximation) | €242,439 | €283,388 | €253,847 | €713,544 | €298,566 | €613,480 | €273,161 | ▼ 55.5% |
| Investment in fixed assets (approximation) | - | -€29,638 | -€187,695 | -€75,210 | -€331,203 | -€352,317 | -€66,005 | ▲ 81.3% |
| Change in cash | - | €155,797 | €543,279 | €339,264 | €65,314 | - | - | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 8,617 companies had the same profile as Cerba Path has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Cerba Path itself is higher: 0.9% within 12 months. It rests on far more data about Cerba Path than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 8,617 companies, not a prediction for Cerba Path. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-07-2026 | 2026-00363247 | |
| 31-12-2024 | full format | 30-07-2025 | 2025-00357176 | |
| 31-12-2023 | full format | 11-07-2024 | 2024-00233572 | |
| 31-12-2022 | full format | 13-07-2023 | 2023-00232362 | |
| 31-12-2021 | full format | 29-06-2022 | 2022-20121938 | |
| 31-12-2020 | full format | 27-07-2021 | 2021-42800282 | |
| 31-12-2019 | full format | 07-10-2020 | 2020-60600306 | |
| 31-12-2018 | full format | 25-07-2019 | 2019-39100400 | |
| 30-06-2017 | full format | 07-02-2018 | 2018-04500269 | |
| 30-06-2016 | full format | 08-02-2017 | 2017-04000426 |